Actuarial Fiscal Note
Date Requested:January 14, 2026
Time Requested:07:44 PM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1222 |
Introduced |
SB149 |
|
|---|
| CBD Subject: |
Retirement; State Personnel |
|---|
|
Retirement Systems Impacted by Legislation:
PERS 2501
FUND(S):
Special Fund
Sources of Revenue:
Creates New Expense
Legislation creates:
PERS
Actuarial Note Summary
Impact this measure will have on the liabilities and contributions associated with the retirement system(s).
The purpose of SB 149 is to allow general counsel of executive branch agencies to purchase retroactive service credit in PERS, provided the general counsel was contracted by the agency to perform legal services for 10 or more consecutive calendar years.
General counsel will pay the employee’s share, and the agency will pay the employer’s share. No interest or penalty shall be applied toward the purchase of retroactive service credit. Also, retroactive service credit purchased shall be paid in full by the general counsel within 24 months of termination of employment or contractual obligation with the agency.
The number of general counsel that would meet the requirements in SB 149 is small compared to the active population in PERS, which is 35,606 members as of July 1, 2025. Therefore, SB 149 is not expected to materially change the unfunded actuarial accrued liability (UAAL) or the annual contribution requirement for PERS.
Fiscal Detail of Actuarial Impact
Impact on current benefit costs, prior service benefit costs and ongoing contribution requirements following full implementation.
| Impact On |
Following Full Implementation |
| Increase in Unfunded Actuarial Accrued Liability |
Initial Impact on Annual Contribution Requirement of System(s) |
Contribution Increase as a Percentage of Annual Payroll |
| Total Annual Costs |
$0.00 |
$0.00 |
0.00 % |
| Normal Cost of System |
N/A |
$0.00 |
0.00 % |
| Past Service Liabilities |
$0.00 |
$0.00 |
0.00 % |
Fiscal Year Past Service
Amortization Period Ends |
N/A |
2035 |
N/A |
Explanation of above Actuarial estimates:
The number of general counsel that would meet the requirements in SB 149 is small compared to the active population in PERS, which is 35,606 members as of July 1, 2025. Therefore, SB 149 is not expected to materially change the unfunded actuarial accrued liability (UAAL) or the annual contribution requirement for PERS.
Analysis of Impact on Public Pension Policy:
The number of general counsel that would meet the requirements in SB 149 is small compared to the active population in PERS, which is 35,606 members as of July 1, 2025. Therefore, SB 149 is not expected to materially change the unfunded actuarial accrued liability (UAAL) or the annual contribution requirement for PERS.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of SB 149 is to allow general counsel of executive branch agencies to purchase retroactive service credit in PERS, provided the general counsel was contracted by the agency to perform legal services for 10 or more consecutive calendar years.
General counsel will pay the employee’s share, and the agency will pay the employer’s share. No interest or penalty shall be applied toward the purchase of retroactive service credit. Also, retroactive service credit purchased shall be paid in full by the general counsel within 24 months of termination of employment or contractual obligation with the agency.
The number of general counsel that would meet the requirements in SB 149 is small compared to the active population in PERS, which is 35,606 members as of July 1, 2025. Therefore, SB 149 is not expected to materially change the unfunded actuarial accrued liability (UAAL) or the annual contribution requirement for PERS.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above Fiscal Note estimates (include possible long-range effect):
The number of general counsel that would meet the requirements in SB 149 is small compared to the active population in PERS, which is 35,606 members as of July 1, 2025. Therefore, SB 149 is not expected to materially change the unfunded actuarial accrued liability (UAAL) or the annual contribution requirement for PERS.
Memorandum
This Actuarial/Fiscal Note is being submitted by the Consolidated Public Retirement Board. It has been reviewed by the CPRB Actuary. Both the Board and the CPRB Actuary are available upon request for questions.
For the appropriate actuarial disclosures, see the July 1, 2025, funding valuation report for PERS, expected to be published in April 2026.
In particular, future actuarial measurements may differ significantly from current measurements due to System experience differing from that anticipated by the economic and demographic assumptions, changes expected as part of the natural operation of the methodology used for these measurements, and changes in system provisions or applicable law or regulations. An analysis of the potential range of such future differences is beyond the scope of the request addressed here.
Regarding Actuarial Standards of Practice 51, the risk assessment for PERS is not expected to materially change because of SB 149.
Kenneth Woodson Jr., the CPRB Board Actuary, is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. He meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained in this Actuarial/Fiscal Note.
Person submitting Fiscal Note: Kenneth M. Woodson Jr.
Email Address: kenneth.m.woodson@wv.gov